1、25 June 2025Allianz ResearchAllianz Pulse 2025:Confused and disappointed but less pessimisticAllianz Research2Content Page 3-4 Executive SummaryPage 5 The surveyPage 6-8 A new beginning?Page 9-12 No green backlashPage 13-17 Sovereign Europe?Page 18-26 Politics and policies:Every man for himselfPage

2、27-33 GenAI takeover:Bracing for impactPage 34 Appendix25 June 20253SummaryExecutiveArne HolzhausenHead of Insurance,Wealth&ESG RA faint glimmer of optimism.For the seventh year in a row,we surveyed 6,000 people in some of Europes largest economies(Germany,France,Italy,Spain,Poland,and Austria)to ta

3、ke the pulse on future prospects,policymaking and the rise of AI.Although pessimists still predominate,their lead has narrowed significantly compared to last year,from-23.0%to-8.3%.In Germany,this figure has fallen by 17pps.Germany is the only country in our survey where assessments of the present a

4、nd future diverge significantly,with the net percentage falling from-22.6%to-11.9%.This could be seen as a tentative sign of a new beginning.The gender sentiment gap.On average,women are significantly more pessimistic than men about the future,both in general and personally.Overall,the gender gap am

5、ounts to 11.8pps.This reflects structural impediments:Despite progress in recent years towards reconciling work and family life,women still face more obstacles than men when it comes to achieving their goals.Coincidentally or not,the average unadjusted gender pay gap in the EU is 12%.No green backla

6、sh.Just 23.6%of respondents believe that Europe should follow President Trumps shift in climate policy.Poland had the highest approval rating(30.5%),while Germany had the lowest(19.2%).Conversely,this also means that the overwhelming majority favor continuing if not intensifying Europes current clim